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    FEO   CA67524Q1321

OCEANIC IRON ORE CORP.

(FEO)
Delayed Quote. Delayed Bourse de Toronto - 10/21 05:00:00 pm
0.125 CAD   --.--%
08/18OCEANIC IRON ORE : June/21 Financials
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08/18OCEANIC IRON ORE : June/21 MD&A
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08/18Oceanic Iron Ore Corp. Reports Earnings Results for the Second Quarter Ended June 30, 2021
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Oceanic Iron Ore : June/21 Financials

08/18/2021 | 07:34pm EDT

Oceanic Iron Ore Corp.

Condensed Interim Consolidated Financial Statements

For the three and six months ended June 30, 2021 and 2020 (Unaudited - Expressed in Canadian Dollars, unless otherwise noted)

NOTICE OF DISCLOSURE OF NON-AUDITOR REVIEW OF THE CONDENSED INTERIM

CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to National-Instrument51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of Oceanic Iron Ore Corp. (the "Company") for the interim period ended June 30, 2021, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements including International Accounting Standard 34 - Interim Financial Reporting and are the responsibility of the Company's management.

The Company's independent auditor, PricewaterhouseCoopers LLP, has not performed a review of these condensed interim consolidated financial statements.

Oceanic Iron Ore Corp.

Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in Canadian Dollars)

As at

As at

Notes

June 30, 2021

December 31, 2020

Assets

Current

$

575,632

Cash and cash equivalents

$

46,632

Receivables

6,181

2,762

Prepaid expenses and deposits

46,129

9,779

627,942

59,173

Mineral properties

3

43,701,143

43,605,303

Total assets

$

44,329,085

$

43,664,476

Liabilities

Current

$

258,065

Accounts payable and accrued liabilities

$

348,541

Due to related parties

7

127,632

501,613

Current portion of advance royalty payable

3

290,324

372,355

676,021

1,222,509

Non-current portion of advance royalty payable

3

469,905

425,537

Convertible debentures

4

6,676,874

5,548,487

Total liabilities

7,822,800

7,196,533

Shareholders' equity

61,333,048

Share capital

5a,b,c

61,318,043

Reserves

5b,c,d

11,157,687

11,108,190

Deficit

(35,984,450)

(35,958,290)

Total shareholders' equity

36,506,285

36,467,943

Total liabilities and shareholders equity

$

44,329,085

$

43,664,476

Nature of operations and going concern

1

Commitments

6

Approved by the Board:

" Steven Dean "

Director

" Gordon Keep "

Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements

3

Oceanic Iron Ore Corp.

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(Unaudited - Expressed in Canadian Dollars, except per share amounts)

Three months ended

Three months ended

Six months ended

Six months ended

Notes

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

Expenses

$

58,750

$

117,500

Consulting and management fees

7

$

58,750

$

117,500

Directors' fees

7

7,500

7,500

15,000

15,000

License and insurance

11,036

6,709

15,816

12,665

Office and general

2,717

2,718

7,135

5,898

Professional fees expense

16,532

7,647

36,004

20,249

Rent

2,540

2,654

5,081

5,605

Share-based payments

5b,c

31,188

146,742

62,122

154,012

Transfer agent and regulatory

3,097

5,194

9,292

8,815

Wages and benefits

7

16,975

18,467

40,085

35,442

Loss from operations

(150,335)

(256,381)

(308,035)

(375,186)

Other income (expenses)

512,051

448,233

Gain (loss) on non-cash derivative liabilities

4

(573,086)

(357,010)

Convertible debenture accretion expense

4

(95,602)

(56,586)

(166,358)

(112,268)

Net income (loss) and comprehensive income

$

266,114

$

(886,053)

$

(26,160)

$

(844,464)

(loss) for the period

Income (loss) per common share

$

0.00

$

(0.00)

Basic and diluted

$

(0.01)

$

(0.01)

Weighted average number of common shares

outstanding

93,966,559

93,923,320

Basic

92,731,891

92,643,870

Diluted

148,333,021

92,731,891

93,923,320

92,643,870

The accompanying notes are an integral part of these condensed interim consolidated financial statements

4

Oceanic Iron Ore Corp.

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited - Expressed in Canadian Dollars, except number of shares)

Notes

Shares

Share capital

Reserves

Deficit

Total equity

Balance - January 1, 2021

93,867,068

$

61,318,043

$

11,108,190

$

(35,958,290)

$

36,467,943

Share-based payments - stock options

5c

-

-

62,122

-

62,122

Shares issued on settled restricted share units

5b

93,999

8,460

(8,460)

-

-

Exercise of stock options

5c

11,900

6,545

(4,165)

-

2,380

Net loss for the period

-

-

-

(26,160)

(26,160)

Balance - June 30, 2021

93,972,967

$

61,333,048

$

11,157,687

$

(35,984,450)

$

36,506,285

Shares

Share capital

Reserves

Deficit

Total equity

Balance - January 1, 2020

92,555,849

$

61,101,843

$

10,810,683

$

(31,377,790)

$

40,534,736

Share-based payments - stock options

5c

-

-

154,012

-

154,012

Shares issued on settled restricted share units

6c

179,998

16,200

(16,200)

-

-

Net loss for the period

-

-

-

(844,464)

(844,464)

Balance - June 30, 2020

92,735,847

$

61,118,043

$

10,948,495

$

(32,222,254)

$

39,844,284

The accompanying notes are an integral part of these condensed interim consolidated financial statements

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Oceanic Iron Ore Corp. published this content on 18 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2021 23:33:05 UTC.


© Publicnow 2021
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Financials
Sales 2020 - - -
Net income 2020 -4,58 M -3,70 M -3,70 M
Net Debt 2020 5,50 M 4,45 M 4,45 M
P/E ratio 2020 -4,46x
Yield 2020 -
Capitalization 11,7 M 9,52 M 9,50 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 43,5%
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Income Statement Evolution
Managers and Directors
Bing Pan Chief Executive Officer
Chris Batalha Chief Financial Officer & Secretary
Steven G. Dean Executive Chairman
John Douglas Reynolds Independent Director
Gordon Bruce Keep Independent Director
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